The red light and the gauge needle operate separately from one another. If the red light comes on, turn the engine off immediately. The gauge can read zero but if the light doesn't come on then it's usually the sender at fault. Never drive it if unsure, it's waaaaay cheaper to call a tow truck then to replace an engine. Keeping in mind that we are only offering advice based on what you are saying and the most probable cause, your engine could still have low pressure, so if you choose to drive it with the needle reading low, keep in mind that you may very well be doing damage.